Can you lose money on Bitcoin? And therefore from my balance, this address is a long string consisting of 34 letters and numbers and is also known as my "public key", it is okay for the whole world to see this sequence, each address or public key contains a private key for 64 characters and A digit.
How to trade bitcoin online? Bitcoin transactions go through stages, including verifying Bitcoin ownership and possession, and then sending Bitcoin to the other person, and all of this takes place through the blockchain network through which encryption is carried out.
Bitcoin Transaction Simple Edition:
If I want to send you some bitcoin, I am posting my intention and contract Check the entire Bitcoin network to validate:
· Then owning the bitcoin that I want to send.
· I haven't actually sent it to someone else.
Once this information is confirmed, my transactions are included in a block that is linked to the previous block, and from here comes the term blockchain, transactions cannot be undone or tampered with, because that means reworking all the blocks that came after.
Bitcoin transaction to more complexity:
My bitcoin wallet does not actually hold the bitcoin, rather what it does is keep the bitcoin address, which keeps a record of all my transactions.
This is a private and confidential matter for you, and it is very important that I keep it confidential and secure, these two keys are related, but there is no way that you can discover my private key through my public key.
This is important since any transaction I issue from a Bitcoin address needs to be signed with my private key.
To do this I put both the private key and the transaction details (how many bitcoins I want to send, and who is in the bitcoin program on my computer or smartphone.
The validity of the bitcoin transaction can be verified as it can confirm that I own the bitcoin that I am transferring to you.
And I didn't really send it to someone else by plugging in the signature and my public key (which everyone knows) in the bitcoin program.
This is one of the genius parts of Bitcoin: if the signature is done with the private key that corresponds to the public key, the program will verify the authenticity of the transaction without knowing what the private key is and this is very smart.
